Open letter to South Australian ANZ customers
I am writing to you in this unusual manner because of action being taken by the South Australian Government that will make your state a more risky place to do business.
ANZ has more than 400,000 customers like you across South Australia, supported by 850 proud and committed staff.
While I concede the major banks are not always popular, we are the biggest source of investment in the South Australian economy.
ANZ alone has provided around $15 billion to those local companies working hard to get the state moving and more than $17 billion in finance to help thousands of South Australian families purchase homes.
This proposed tax will increase the risk for businesses investing in South Australia. Businesses will think twice about investing further in South Australia as we don’t know if the Government will increase this tax or introduce other taxes. As you well know, in uncertain times businesses pause and even abandon expansion plans.
This is a time to promote investment and encourage growth, to showcase the opportunity - not to increase taxes on the major source of investment in South Australia.
The banking industry is already the nation’s biggest taxpayer, contributing $14 billion last year to government revenue, including $1.1 billion in GST. We pay among the highest tax rates.
While our profits are large, it’s important to remember:
- Last year ANZ paid around 80% of its profits to shareholders, many of whom are hardworking Australians investing through their superannuation funds.
- ANZ has around 35,000 shareholders in South Australia who received $146 million in dividends over the past year.
- ANZ’s profitability is less than the average for companies listed on the Australian stock exchange.
We are also working hard to give back to the community.
For almost a decade, we have worked with The Smith Family to help low income families in South Australia learn better savings habits by putting away money for their children’s education.
More than 1,800 South Australian families have benefited from this program and by matching those savings we have helped them save more than $1.3 million.
ANZ is proud of its contribution to the South Australia economy and of our staff and their commitment to you. We want South Australia to succeed.
We support the South Australian community and we strongly believe this tax is unfair on the people of South Australia. It will hurt the state.
Thank you for being our customer.
Shayne Elliott
Chief Executive Officer
ANZ